Singapore banks link with fintech startup to turn stores into cashpoints

soCash aims to reduce consumer dependence on ATMs.

Major banks in Singapore like DBS, Standard Chartered, and POSB are partnering up with homegrown fintech startup soCash to turn ordinary stores into cashpoints.

According to a press release, soCash allows its users to withdraw cash from local merchants like mini marts and neighborhood grocery stores by placing a cash order via the soCash app. The app then deducts the amount from the customer’s account and transfers the credit to the merchant’s without the need for a card or even a PIN code. 

The soCash app has integrated DBS payment APIs and DBS PayLah! as the payment options for added convenience for DBS /POSB customers. It’s available in convenience stores like SPH Buzz, U Stars supermarket, iECON stores and U Mart.